Next Force Technology, Inc. Receives Second Round of Funding from Lighter Capital
Getting Started with Lighter Capital
Next Force Technology, Inc., a workforce agility and work-sharing platform company, received its first loan of $500K in March 2021, and has returned to raise $358K in capital for an aggregate loan of $800K. The initial funding went towards expanding sales and marketing. This next round will drive product development and increased sales and marketing efforts.
“We are seeing strong interest from our target market, services firms reliant on hourly labor. Post shutdown, chain restaurants are experiencing high consumer demand but crippling labor shortages are holding back revenue and profitability. NEXT, our SaaS platform, helps chain restaurant businesses better leverage their workforce across all their locations and hire from the growing numbers interested in working on-demand”, said Siva Kumar, Cofounder and CEO of Next Force Technology, Inc.
In the last 12 months, Next Force Technology’s recurring revenue has increased 40% and their total revenue has increased 35% year-over-year. Since the initial funding with Lighter Capital, the company has added new brands and steadily ramped new customer acquisition. “Working with the Lighter Capital team has helped us grow our team and expand our sales and marketing outreach without having to take time to manage the fundraising process”, Siva added.
About Next Force Technology, Inc.
Founded by Siva Kumar and Ramneek Bhasin, Next Force Technology, Inc. is a software company that solves hourly labor staffing problems for services businesses, beginning with restaurants and eventually aiming to expand to retail and hospitality. Through data science and machine learning technology, NEXT strives to better a work life balance for the working people and deliver greater labor agility for the businesses. Headquartered in the Bay Area, CA, the company helps services businesses increase revenue, lower labor costs and improve service metrics.
Lighter Capital is the pioneering leader in founder-friendly, non-dilutive financing. Since 2010, we have provided hundreds of millions in funding to over 500 US, Canadian, and Australian tech companies. Founders achieve success on their terms with our tech-enabled financing because it has no hidden fees, equity, warrants, or covenant requirements. The application process takes minutes and requires no pitch deck. Beyond financing, our “more than money” benefits provide founders with access to invaluable connections within the Lighter Capital Community, resources, and product discount opportunities. For more information on Lighter Capital, please visit https://www.lightercapital.com. To apply for non-dilutive financing, please go to https://www.lightercapital.com/apply/.
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